In the wake of the Point of Sale device breaches at Target and other retailer, EMV debit and credit card security has been all over the news.
EMV technology replaces the familiar magnetic stripe and signature transaction, with a security chip and PIN number. This provides a greater level of security as not only would a fraudster need your PIN to use your credit or debit card, but one time use code is generated for each transaction so someone skimming your card's information is unlikely to be able to use it.
Most importantly, there is a looming deadline called the liability shift where the party that has the least secure equipment is now 100% liable for fraud.
This means that ATM owners & operators without EMV compatible machines, and retailers without EMV compatible Point of Sale devices will find themselves bearing the costs for all fraud.
The current deadlines are as follows:
At the moment most retailers aren't prepared for the shift, and many aren't even aware of it. This could mean greater risks for them in the future, as fraudsters shift their focus towards businesses that lack EMV compatible equipment. It's analogous to burglars targeting the one house on the block that doesn't have any locks.
Considering the cost, training and effort involved, it's better to get started sooner rather than later. Contact us today to discuss how we can help you with upgrading your existing ATMs and even your point of sale systems.